FOMO CORP. (https://www.fomoworldwide.com/ - US OTC: FOMC) is pleased to provide an update regarding the activities of SmartGuard Energy (https://www.smartguard-solutions.com/-SGE) in Puerto Rico (“PR”). As previously reported on September 30, 2021, FOMO acquired an initial 40% membership interest in LED Funding IV LLC (LEDF) and Lux Solutions LLC (Lux) in a phased transaction leading to the acquisition of 100% of each entity which will be owned and operated by a FOMO wholly-owned subsidiary SmartGuard Energy LLC (Wyoming).
LEDF has a leading presence in PR in the clean energy efficiency and renewable energy spaces where it has pioneered the development of the “as-a-Service” business model, which generates a stream of initial and long-term, annuitized-type revenues. Subsequent to the PR Government lifting its COVID-19 lockdown regulations in July 2021, Bill Butler, CEO of LEDF and CEO-designee of SGE, visited PR, and with Jorge Hernandez, CEO of ESCOPR and LEDF’s long-time PR installation partner, met with senior PR government officials to discuss the energy efficiency retrofit for its buildings which have had little or no modernization since the late 1970s. In that meeting, the PR governmental officials authorized LEDF & ESCOPR to update the previously completed LED lighting audits that they had done for their Treasury and Lottery Department building complexes with current kWh rates, and then proceeded to expand the scope of the project with other energy efficiency upgrades to include HVAC, cool roof/window systems and other building efficiency innovations as well as water savings opportunities. These audits are in the process of being completed and should be ready for presentation to the PR officials for action within 45-60 days. LEDF is also discussing financing these projects with its institutional capital sources based on the availability of unspent billions of dollars in stimulus and FEMA funds from Hurricane Maria which devastated the island.
Bill Butler, the SGE CEO, stated: “We were pleased that senior PR government officials agreed to meet with us and that they have recognized the importance of immediate energy efficiency upgrades to their buildings beyond just LED lighting retrofits. Our Agreement expands the significant opportunity we envisioned in PR from a multi-year project to a decade of continuing business, all using our as-a-Service business model. Although PR is expected to emerge from bankruptcy this winter, shortly after which we believe PR will become bankable again, we are exploring the utilization of creative financing techniques so that we can offer immediate financing when we present our updated audit results next month. This is a major win for us with immediately actionable projects.”
Vik Grover, FOMO CEO, commented: “We are thrilled with SGE’s expanded near-term business horizon in PR. FOMO will support SGE’s efforts in PR with every tool we have in the toolbox. We look forward to closing our phased acquisition of SGE so that our shareholders will reap the benefits of 100% ownership of their business. Even at our initial step deal, we expect to consolidate all of LEDF’s and Lux’s financials, which today has an order book representing $30 million in business from two hundred projects.”
About FOMO CORP.
FOMO CORP. is a publicly-traded company focused on business incubation and acceleration. The Company invests in and advises emerging companies aligned with a growth mandate. FOMO is developing direct investment and affiliations - the majority- and minority-owned as well as in joint venture formats - that afford targets access to the public markets for expansion capital as well as spin-out options to become their own stand-alone public companies.
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